Arizona Real Estate License Agency Relationships and Duties Questions and Answers Flashcards
6 cards from real Arizona Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Arizona Real Estate License Agency Relationships and Duties Questions and Answers flashcards as text
Which of the following is NOT a fiduciary duty owed by an Arizona real estate agent to their client?
Answer: Guaranteeing a profit on the transaction
Agents owe loyalty, confidentiality, and disclosure but are never required to guarantee a profit on any transaction.
An Arizona seller's agent receives a verbal offer from a buyer. What must the agent do?
Answer: Present the offer to the seller promptly
Arizona agents have a duty to promptly present all offers to their client, including verbal ones.
Under Arizona's agency law, when does an agency relationship officially terminate?
Answer: Upon completion of the transaction or by agreement of the parties
Agency relationships in Arizona terminate upon completion of the purpose of the agency or by mutual agreement of the parties.
An Arizona agent representing a buyer discovers that the property is in a flood zone. What is the agent required to do?
Answer: Disclose the flood zone status to the buyer immediately
The buyer's agent must promptly disclose any known material facts, including flood zone status, that could affect the buyer's decision.
In Arizona, which type of agency allows a broker to assign different agents within the same brokerage to represent the buyer and seller separately?
Answer: Designated agency
Designated agency allows a broker to appoint separate agents within the firm to exclusively represent each party in the same transaction.
What is the primary purpose of the Arizona Broker Supervisory Agreement?
Answer: To define the scope of supervision and responsibility between the designated broker and their agents
The Broker Supervisory Agreement outlines the designated broker's supervisory responsibilities over their affiliated agents.